GOLDEN AGE RESOURCES (OTCMKTS:GDAR) a leading energy provider firm for “Green” power plants in the Caribbean and Latin America disclosed construction strategies and financing plans on Cogeneration Pilot Project. Mr. Thomas Wolff, the Vice President said that the 100Kw Biomass to Energy project will be constructed as a scalable WTE Plant with a 2 Mw per hour output. It will use sisal and/or organic municipal waste with planned execution of the new fuel cell know-how offered from Strategic Alliance Associate GEI Global Energy Corp.
Golden Age said that as soon as the plant approaches planned capacity of 2mW per hour the total energy generated will be 17.52 gW per year. The energy produced from the WTE plant will be supplied to the CFE under a 20-year Power Purchase Deal.
The construction of the project will take place on a leased part of land extending to 800,000m2 of total area. The company confirmed that the initial pilot project will need 20,000m2 of the parcel. The remaining land will be used for future erection of WTE plants. By combining Golden Age’s new fuel cell platform with further expansion of power production, the new plants are expected to generate over 200gW per hour per year.
Golden Age said that the construction of its Cogeneration Pilot Project is expected to commence 4Q2015. The estimated construction and installation time of the 2mW per hour plant is six months. The plant is planned to “go online” in the second quarter of 2016. The complete cost for pilot project and the implementation of the Technology will be US$2 million. The financing has been arranged via a US hedge fund.
In last trading session, the stock price of GDAR declined more than 50% to close the trading session at $0.00030. The decline came at a share volume of 341.59 million compared to average share volume of 6.70 million.